freelook cancellation notice not acted upon by the insurance

Posted: Tue Jun 01, 2010 11:48 pm Post Subject:

:?

Posted: Wed Jun 02, 2010 12:35 am Post Subject:

Got your PM sk, my response is 'confusion'.( :?) Please start at the beginning, with the state you are in. Who did you purchase this policy from? When/who did you send the cancelation to..etc...we need more specific information to help you...

as an example, what does this mean?

Insurance company is using our amounts, borrowed on high interests ? we are squeezed. seek protection and justice

Posted: Wed Jun 02, 2010 07:16 am Post Subject:

Are we talking about auto, life, health, homeowner's, or some other form of insurance? The assumption is that you have put in writing your decision to cancel during the free look period.

A complaint to your state's Department of Insurance (or whatever the agency's actual name might be) will get the attention of the insurer. Might even get your money back, too.

Posted: Wed Jun 02, 2010 10:43 pm Post Subject:

here is what sk sent me via quick message (the second time, I'll spare you the first one)

lori, insurance was purchased directly from the company sales manager and was submitted to the sales manager, who submitted acknowledgement from the company, duly signed and sealed. Money was borrowed by me at a higher rate of Interest to pay Insurance premium. But when cancellation notice was not acted upon, my mopney being wrongfully withheld by the insurance company, I am put at a loss, as I have to continue pay Interest for the money procured to pay Insurance premium. By not returning my amounts back, the insurance company is utilising my amounts to their conveniences.

Posted: Wed Jun 02, 2010 11:41 pm Post Subject: freelook cancellation notice not acted upon by the insurance

hats off to you lori, you have rightly guessed that such happening did not occur in USA. I presume persons from other countries can take your assistance in resolving common problems and to minimise disputes. If yes, kindly assist me and resolve my querry, as USA persons may also face similar problems sooner or later, no problem if you can resolve only the USA way, as if what would have happened if such sort of happening occured in USA. If no, i seek forgiveness. I am a consumer and have been exploited. I have reported the matter to our authorities, but sadly our authorities are known as toothless regulators, though justice shall prevail, but when, GOD knows, do you know LORI, a way out, to come out of this crisis ? ...........Sk

Posted: Thu Jun 03, 2010 01:42 am Post Subject: freelook cancellation notice not acted upon by insurance com

lori, further to my querry, kindly clarify after delivering notice for freelook cancellation to the insurance company, till not acted upon by way of refund of payments, will the insured be covered as per the insurance policy norms applied for, till refunded ? how should be treated if somethng happens to the insured in this inbetween-period of freelook cancellation notice served and amounts returned back ? because my case is not normal refund, but refund arising after complaining to the authorities. kindly suggest your views and norms...... Sk

Posted: Thu Jun 03, 2010 11:52 am Post Subject:

sk, It's not that I (and others) wouldn't love to help you and others outside the US. We just don't know the rules and laws of other countries..

What other authorities can you contact? Can you start a civil action?

Posted: Thu Jun 03, 2010 03:00 pm Post Subject: freelook cancellation notice not acted upon by insurance com

Lori, you have said exactly what i have mentioned. I want to know if the same thing happened in USA, what would be your reaction to assit the USA persons in their hour of need ? Consider what I said transpired in USA, now what ? what does the laws and rules and regulations in US suggest should be the next course of aciton > People of USA should safeguard themselves against such happenings prior to it happening......Sk

Posted: Thu Jun 03, 2010 06:15 pm Post Subject:

In an American insurance contract, the free look period is a minimum of 10 days (can be longer, but usually not more than 30 days except for variable insurance products which are 45 days from application or 10 days from policy delivery, whichever is longer). California gives seniors age 60 and older (life & annuities, 65 and older for disability products) a 30 day free look.

If the policyowner chooses to cancel during the free look period, they are entitled to a full refund of premiums paid without deductions. The standard contract language states (or words to the effect) that the policy may be returned to the home office or to any agent of the company prior to the expiration of the period.

Although the vast majority of agents here in the US would never think of withholding that "knowledge" from their insurance company, it does happen. Without something in writing to verify the cancellation, it is certainly more difficult, but not impossible, to prove. Most insurance companies will apply the maxim, "the customer's always right," and refund their premium, since it also takes the company off the hook with regard to any claims -- the policyowner can't have it both ways.

In foreign countries, I would expect contract language to be similar, if not identical, since America is looked at as the model for so many other contractual things in addition to insurance. So knowing what the contract says is important.

Having said that, in India, where the banks have encouraged millions of citizens to begin using credit beyond their means (in the American tradition!), they have also been reported to send thugs to peoples' homes to break arms and legs in order to force people to pay up. Doesn't happen like that here in the US too often.

While we can give you general advice based on things in the US, they may have absolutely no application to your situation in another part of the world. It will probably not work too well to say, "But Lori in America said . . ." or "Max in America said . . ." or "Ahmed in Saudi Arabia said . . ." You have to work within the laws of whatever country you reside.

insurance was purchased directly from the company sales manager and was submitted to the sales manager

Posted: Thu Jun 03, 2010 06:47 pm Post Subject: freelook cancellation notice not acted upon by insurance com

wait lori, we are drifting away from the main issue.
I never said this happened in India, though insurance company sending THUDS and breaking bones and indulging into white collar crimes officially does happen there, everyone is aware of. In that respect, you rightly said USA is a role model and everyone looks at USA. My point is - I had submitted freelook cancellation notice to the sales manager, who in turn submitted to the company and got me the acknowledgement from the company. after getting the acknowledgement, company managers started tempting me to continue my health policy worth 125,000 USD by offering temptations, but i refused and finally reported the matter to the authorities. Total 50 days have lapsed from the first day of approach to the insurance company for refunds. Authorities have given time to the insurance company and they still have a week in hand, to respond. But if something happens to me inbetween, what is the fate of my insurance ? will it be treated as cancelled from the date of handing freelook cancellation notice to the sales manager, or from the date of company acknoledgement or if i meet an accident, i will be treated as covered, because decision is pending at the insurance company. LORI, good and bad things both spread like wild fire, and before such malpractises hit USA, why not caution USA people against such likley mental injury from insurance company so that necessary safeguard may be taken and people of USA may benefit from my experience.........Sk

your suitable response is awaited in the interest of justice. No country, no authority will take steps against the interest of their own people in their larger interest.